Record Retention

by | Jul 21, 2014 | Dealer Compliance, Record Retention, Safeguards

NOTICE:  The information below was obtained directly from federal and state statutes, and/or the websites of the applicable state or federal agencies. Links are provided so you may access the content on those websites.

FAST FACTS   

Dealers are required to keep certain records regulated by federal or state laws for certain periods. The record retention requirements for the following agencies and types of records are as follows:

  • Division of Motorist Services (DMV) – 5 years
  • Office of Financial Regulation (OFR) – 2 years
  • Department of Revenue (DOR) – 3 + years
  • IRS 8300 Form – 5 years
  • Credit Applications and Adverse Action Notices – 25 months
  • Division of Motorist Services (DMV) – Records must be kept for a period of no less than five (5) years. Records may be kept in electronic or paper form. s.320.27(6), 320.771(9) 17th EDITION 2015 FLORIDA MOTOR VEHICLE, MOBILE HOME AND RECREATIONAL VEHICLE DEALERS’ HANDBOOK, Page 85.  Electronic Filing System (EFS) Record Retention – EFS-02
  • Office of Financial Regulation (OFR) – Retail Installment Sales Contracts, books, accounts, other records) – 2 years after final entry therein (s.520.997(3), F.S.)
  • Department of Revenue (DOR) – A partial listing of records for major tax audits such as sales and use tax and corporate income tax includes: Federal income tax returns, Florida tax returns, Depreciation schedules, General ledgers and journals, Property records, Cash receipt and disbursement journals, Purchase and sales journals, Sales tax exemption or resale certificates and Documentation to verify amounts entered on tax returns. You must keep your records for three years since an audit can extend back that far.  The Department may audit for periods longer than three years if you did not file, or filed a substantially incorrect return or payment. Click here for more information about sales and use tax audits.
  • IRS 8300 Form – A business should keep a copy of every Form 8300 it files and the required statement it sent to customers for at least five years from the date filed. Click here for more information.
  • Credit Applications, Reports, Adverse Action Notices, etc. for a period of 25 months. Click here for “Regulation B”